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Livermore
Livermore
ZHEN

Tang Capital Management LLC

SEC CIK
0001232621
Latest filing
Aug 14, 2026

The latest 13F from Tang Capital Management LLC covers Q2 2026 (filed Aug 14, 2026): 41 long positions worth $2.20B. The top 10 holdings make up 62.7% of the portfolio, and the largest is Aurinia Pharmaceuticals Inc. (AUPH) at 10.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
5
Est. +$91.0M
Added
7
Est. +$99.9M
Reduced
5
Est. −$60.7M
Sold out
15
Est. −$142.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. AUPHAurinia Pharmaceuticals Inc.
    10.1%$221.4MHistory
  2. SYRESpyre Therapeutics, Inc.
    7.6%$168.0MHistory
  3. MIRMMirum Pharmaceuticals, Inc.
    6.6%$144.7MHistory
  4. KNSAKiniksa Pharmaceuticals International, plc
    6.6%$144.5MHistory
  5. CELCCelcuity Inc.
    6.2%$137.5MHistory

Share of portfolio

Top 5 holdings and the other 36 positions, by share of portfolio value

  1. AUPH10.1%
  2. SYRE7.6%
  3. MIRM6.6%
  4. KNSA6.6%
  5. CELC6.2%
  6. Other 36 positions62.9%

Biggest buys

New and added positions, by estimated amount bought

  1. NVCTNuvectis Pharma, Inc.
    +$28.5MNewHistory
  2. CELCCelcuity Inc.
    +$27.7MAddedHistory
  3. TARSTarsus Pharmaceuticals, Inc.
    +$23.9MAddedHistory
  4. FULCFulcrum Therapeutics, Inc.
    +$23.9MNewHistory
  5. NNDMNano Dimension Ltd.
    +$20.7MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CMPSCOMPASS Pathways plc
    +2.09 pp1.1% → 3.2%History
  2. NVCTNuvectis Pharma, Inc.
    +1.29 pp0.0% → 1.3%History
  3. FULCFulcrum Therapeutics, Inc.
    +1.08 pp0.0% → 1.1%History
  4. NNDMNano Dimension Ltd.
    +0.94 pp0.0% → 0.9%History
  5. AUPHAurinia Pharmaceuticals Inc.
    +0.85 pp9.2% → 10.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. KALVKalVista Pharmaceuticals, Inc.
    −$92.1MSold outHistory
  2. SPYSPDR S&P 500 ETF Trust
    −$33.6MReducedHistory
  3. INSMINSMED Inc
    −$17.1MReducedHistory
  4. JANXJanux Therapeutics, Inc.
    −$6.95MSold outHistory
  5. STOKStoke Therapeutics, Inc.
    −$6.54MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. KALVKalVista Pharmaceuticals, Inc.
    −4.68 pp4.7% → 0.0%History
  2. INSMINSMED Inc
    −1.68 pp2.2% → 0.5%History
  3. SPYSPDR S&P 500 ETF Trust
    −1.38 pp5.5% → 4.2%History
  4. STOKStoke Therapeutics, Inc.
    −0.38 pp0.8% → 0.4%History
  5. JANXJanux Therapeutics, Inc.
    −0.35 pp0.4% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.20B
+$232.8M (+11.8%) vs. prior quarter
Positions
41
−10 vs. prior quarter
Top 10 concentration
62.7%
Top 10 as share of value
Turnover
9.2%
Q2 2026, one quarter
Average holding period
9.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.60B (Q3 2025)

Q1 2021: $355.4MQ2 2021: $502.4MQ3 2021: $481.7MQ4 2021: $497.2MQ1 2022: $494.1MQ2 2022: $659.0MQ3 2022: $815.4MQ4 2022: $688.3MQ1 2023: $671.1MQ2 2023: $679.3MQ3 2023: $708.7MQ4 2023: $1.08BQ1 2024: $960.4MQ2 2024: $981.9MQ3 2024: $1.40BQ4 2024: $1.51BQ1 2025: $1.81BQ2 2025: $1.98BQ3 2025: $2.60BQ4 2025: $2.02BQ1 2026: $1.97BQ2 2026: $2.20B
Q1 2021Q2 2026
13F filings of Tang Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202641$2.20BAUPHSYREMIRMvs. Q1 2026SEC
Q1 2026May 15, 202651$1.97BAUPHCELCMIRMvs. Q4 2025SEC
Q4 2025Feb 17, 202675$2.02BAUPHLKFTPTCTvs. Q3 2025SEC
Q3 2025Nov 14, 2025194$2.60BTARSLKFTAUPHvs. Q2 2025SEC
Q2 2025Aug 14, 2025200$1.98BLKFTTARSAUPHvs. Q1 2025SEC
Q1 2025May 15, 2025202$1.81BTARSLKFTAUPHvs. Q4 2024SEC
Q4 2024Feb 14, 2025183$1.51BTARSAUPHLKFTvs. Q3 2024SEC
Q3 2024Nov 14, 2024154$1.40BEOLSTARSAUPHvs. Q2 2024SEC
Q2 2024Aug 14, 2024128$981.9MTARSEOLSKALVvs. Q1 2024SEC
Q1 2024May 15, 202499$960.4MTARSEOLSKALVvs. Q4 2023SEC
Q4 2023Feb 14, 2024123$1.08BMRTXIMGNTARSvs. Q3 2023SEC
Q3 2023Nov 14, 2023106$708.7MTARSMIRMANABvs. Q2 2023SEC
Q2 2023Aug 14, 202399$679.3MANABTARSMIRMvs. Q1 2023SEC
Q1 2023May 15, 2023103$671.1MANABBLUEMIRMvs. Q4 2022SEC
Q4 2022Feb 14, 202389$688.3MANABALTBLUEvs. Q3 2022SEC
Q3 2022Nov 14, 202295$815.4MANABBHVNBLUEvs. Q2 2022SEC
Q2 2022Aug 15, 202267$659.0MANABVERUALTvs. Q1 2022SEC
Q1 2022May 16, 202251$494.1MANABITCILJPCvs. Q4 2021SEC
Q4 2021Feb 14, 202229$497.2MANABHRTXRCKTvs. Q3 2021SEC
Q3 2021Nov 15, 202120$481.7MHRTXRCKTANABvs. Q2 2021SEC
Q2 2021Aug 16, 202116$502.4MHRTXRCKTANABvs. Q1 2021SEC
Q1 2021May 17, 202111$355.4MRCKTANABAPVO–SEC

13D and 13G filings

Companies where Tang Capital Management LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

17 companies, largest stake first.

Companies where Tang Capital Management LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
ITOSiTeos Therapeutics, Inc.13D/A100.00%10.0K shares+90.01 ppfrom 9.99%Sep 30, 20246 filingsSep 3, 2025SEC
CRGXCARGO Therapeutics, Inc.13D/A100.00%10.0K shares+93.40 ppfrom 6.60%Feb 21, 20253 filingsAug 21, 2025SEC
ALLKAllakos Inc.13D/A100.00%10.0K shares+90.40 ppfrom 9.60%Feb 3, 20254 filingsMay 19, 2025SEC
BOLDBoundless Bio, Inc.13G11.30%2.53M sharesNewJun 29, 20261 filingJun 29, 2026SEC
FULCFulcrum Therapeutics, Inc.13G/A10.40%6.91M shares+2.20 ppfrom 8.20%Jun 10, 20262 filingsJul 15, 2026SEC
AUPHAurinia Pharmaceuticals Inc.13D/A10.00%13.0M shares+0.80 ppfrom 9.20%Sep 12, 20245 filingsJun 4, 2026SEC
CMPXCompass Therapeutics, Inc.13G/A9.99%17.2M shares0.00 ppfrom 9.99%Jan 16, 20255 filingsNov 14, 2025SEC
BOLTBolt Biotherapeutics, Inc.13G/A9.90%3.81M shares–May 15, 20251 filingMay 15, 2025SEC
PLRXPliant Therapeutics, Inc.13D9.60%5.86M sharesNewMar 10, 20251 filingMar 10, 2025SEC
NNDMNano Dimension Ltd.13G9.10%19.2M shares+1.20 ppfrom 7.90%Jun 30, 20263 filingsAug 21, 2026SEC
PMVPPMV Pharmaceuticals, Inc.13G8.90%4.72M sharesNewSep 23, 20251 filingSep 23, 2025SEC
LKFTLakefront Biotherapeutics NV13G8.40%5.56M shares+0.90 ppfrom 7.50%Feb 14, 20252 filingsOct 29, 2025SEC
DERMJourney Medical Corp13G/A8.00%1.85M shares–Nov 29, 20242 filingsMay 15, 2025SEC
CAPRCapricor Therapeutics, Inc.13G/A7.10%4.10M shares+0.50 ppfrom 6.60%Jan 26, 20262 filingsAug 14, 2026SEC
IMCRImmunocore Holdings plc13G5.20%2.61M sharesNewOct 24, 20251 filingOct 24, 2025SEC
KNSAKiniksa Pharmaceuticals International, plc13G5.20%2.18M sharesNewApr 4, 20251 filingApr 4, 2025SEC
PRTCYPureTech Health plc13G5.19%12.6M sharesNewApr 29, 20261 filingApr 29, 2026SEC

Latest filings

113 filings on file made by Tang Capital Management LLC or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Tang Capital Management LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
NNDMNano Dimension Ltd.Aug 21, 20267:08 PM ET13G9.10%19.2M shares+1.20 ppfrom 7.90%Aug 19, 2026SEC
KALVKalVista Pharmaceuticals, Inc.Aug 14, 20264:15 PM ET13G/A0.00%0 shares−9.90 ppfrom 9.90%Below 5%Jun 30, 2026SEC
CAPRCapricor Therapeutics, Inc.Aug 14, 20264:15 PM ET13G/A7.10%4.10M shares+0.50 ppfrom 6.60%Jun 30, 2026SEC
NNDMNano Dimension Ltd.Jul 27, 20267:06 PM ET13D/A7.90%16.7M shares+1.10 ppfrom 6.80%Jul 23, 2026SEC
FULCFulcrum Therapeutics, Inc.Jul 15, 20267:53 PM ET13G/A10.40%6.91M shares+2.20 ppfrom 8.20%Jul 13, 2026SEC
NNDMNano Dimension Ltd.Jun 30, 20267:50 PM ET13D6.80%14.3M sharesNewJun 24, 2026SEC
BOLDBoundless Bio, Inc.Jun 29, 20267:58 PM ET13G11.30%2.53M sharesNewJun 23, 2026SEC
FULCFulcrum Therapeutics, Inc.Jun 10, 20266:13 PM ET13G8.20%5.45M sharesNewJun 3, 2026SEC
AUPHAurinia Pharmaceuticals Inc.Jun 4, 20266:44 PM ET13D/A10.00%13.0M shares+0.80 ppfrom 9.20%Jun 2, 2026SEC
VTYXVentyx Biosciences, Inc.May 15, 20264:15 PM ET13G/A0.00%0 shares–Below 5%Mar 31, 2026SEC
CBIOCrescent Biopharma, Inc.May 15, 20264:15 PM ET13G/A4.21%1.16M shares−0.83 ppfrom 5.04%Below 5%Mar 31, 2026SEC
ALTAltimmune, Inc.May 15, 20264:15 PM ET13G/A0.30%666.0K shares–Below 5%Mar 31, 2026SEC
KZRKezar Life Sciences, Inc.May 13, 20264:15 PM ET13D/A0.00%0 shares−9.00 ppfrom 9.00%Below 5%May 11, 2026SEC
PRTCYPureTech Health plcApr 29, 20264:15 PM ET13G5.19%12.6M sharesNewApr 22, 2026SEC
KZRKezar Life Sciences, Inc.Apr 1, 20264:14 PM ET13D/A9.00%664.3K shares–Mar 30, 2026SEC
AUPHAurinia Pharmaceuticals Inc.Mar 25, 20264:15 PM ET13D/A9.20%12.2M shares0.00 ppfrom 9.20%Mar 23, 2026SEC
AUPHAurinia Pharmaceuticals Inc.Mar 3, 20265:30 PM ET13D/A9.20%12.2M shares+1.90 ppfrom 7.30%Feb 27, 2026SEC
TARSTarsus Pharmaceuticals, Inc.Feb 17, 20264:15 PM ET13G/A2.80%1.19M shares−3.10 ppfrom 5.90%Below 5%Dec 31, 2025SEC
SYRESpyre Therapeutics, Inc.Feb 17, 20264:15 PM ET13G/A2.40%1.89M shares−2.90 ppfrom 5.30%Below 5%Dec 31, 2025SEC
DTILPrecision Biosciences IncFeb 17, 20264:15 PM ET13G/A0.00%0 shares−6.40 ppfrom 6.40%Below 5%Dec 31, 2025SEC